In the realm of commerce, "Emerald Enterprises," "Frontier Inc.," "Starlight Corporation," "Summit Retailers," "Crest Holdings," "Apex & Co.," "Golden Sun Inc.," "Ascend Retailers," "Alpine Enterprises," and "Horizon Corporation" embarked on their entrepreneurial journey on January 1, 20X1. Over the course of the fiscal year, these entities partook in a myriad of transactions aimed at advancing their business endeavors. Let us delve into the intricate details of these transactions, meticulously documenting them through journal entries, culminating in the preparation of a trial balance, income statement, and balance sheet as of December 31, 20X1.
Transactions:

1. Golden Sun Inc. issued 1,500 shares of common stock at $55 per share, bolstering their capital reserves with a cash infusion.
2. Alpine Enterprises procured inventory valued at $18,000 on credit from Starlight Corporation, fortifying their stock to meet market demands.
3. Summit Retailers conducted a seamless transaction, exchanging goods for $25,000 in cash, a testament to their proficiency in retail operations.
4. Horizon Corporation promptly settled their accounts, disbursing $12,000 to Starlight Corporation for the inventory procured, exemplifying financial prudence.
5. Crest Holdings invested in operational infrastructure, acquiring equipment worth $40,000 in cash, enhancing their production capabilities.
6. Apex & Co. received an invoice amounting to $11,000 for utilities, a vital expenditure to sustain their operational continuity.
7. Ascend Retailers demonstrated fiscal responsibility, allocating $6,500 towards rental expenses, ensuring a conducive environment for their business operations.
8. Emerald Enterprises facilitated a transaction amounting to $35,000 in sales on credit to Apex & Co., showcasing their robust sales strategy.
9. Frontier Inc. diligently received $21,000 from Emerald Enterprises as payment for a previous sale conducted on credit, contributing to their revenue stream.
10. Golden Sun Inc. disbursed salaries totaling $8,000, recognizing and compensating their workforce for their invaluable contributions.

Instructions:

1. Accurately record each transaction in the general journal, adhering to the principles of double-entry bookkeeping.
2. Methodically post journal entries to the trial balance, ensuring the accuracy and integrity of financial records.
3. Systematically prepare an income statement for the fiscal year ended December 31, 20X1, delineating revenue, expenses, and net income.
4. Strategically compile a balance sheet as of December 31, 20X1, encapsulating the financial position of the entities, encompassing assets, liabilities, and equity.